Research suggests for many women marrying or remarrying in later life the decision to tie the knot is as much about money as love alone.
According to a study by Investec Wealth & Investment, almost half (48 per cent) of divorced and widowed women aged 55 plus said that their financial wellbeing would influence or has influenced their decision to remarry rather than have a common-law relationship.
Of the 1,000 women aged 55 plus polled in June, almost a quarter (23 per cent) rated their financial wellbeing as a significant factor and one in 10 said it was the primary factor in deciding to remarry, increasing to 15 per cent among divorced women.
The biggest financial consideration cited by 45 per cent of over 55s behind the decision to remarry rather than have a common-law relationship is having an automatic right to a pension pot if they split up or one partner dies.
The next most important (36 per cent) was the guaranteed inheritance rights enjoyed by married couples in the event one partner dies without a will.
The potential benefit gained from the doubling of the inheritance tax threshold for married couples to £650,000 for the surviving spouse was cited by a quarter 23 per cent of respondents.
Data released by the Office for National Statistics showed that the number of women marrying over the age of 65 has increased by 56 per cent in the five-year period to 2014.
According to Investec, a key challenge facing women who decide to marry later at an older age is the extent to which their assets are combined with those of their new partner.
Helen Medhurst-Jackson, financial planning director at Investec Wealth & Investment, warned that this can become complicated, particularly for those with children from a previous relationship, which account for 83 per cent of women.
The findings revealed that 60 per cent of women aged 55 plus did or would take steps to ensure the assets they owned before marriage were kept separate from their new partner.
The figure increases to 73 per cent among divorced women and 66 per cent among the over 65s.
Ms Medhurst-Jackson said: “Most later-life marriages involve both partners bringing their own financial assets and these often vary in type and value.
“The decision around whether these are shared or kept separate from their new partner needs to be taken and understood at the start to avoid confusion if the marriage ends in death or divorce.
“It is also important to agree an inheritance plan, particularly for couples with children from previous relationships."
Jane Finnerty, joint chairman of the Society of Later Life Advisers, said: “It is great to see that older women are increasingly aware of the financial considerations when it comes to marrying and remarrying in later life.
“We frequently see the resulting financial planning complexities when there are grown up children and grandchildren from previous marriages and the issues, often highly emotional, these bring.
“With the right advice, these can be addressed so that future family disputes and upset can be avoided.”
emma.hughes@ft.com
